CII - Level 4 Diploma R01 - Financial services, regulation, and ethics (C5.2: The FCA Handbook) Mind Map on F1C: HLS - SYSC, created by Mark Varela on 22/05/2014.
- Snr Mgmnt Arrangements, Systems & Controls
- Partners, directors, and snr mgrs need to understand their responsibilities which should be written down
SYSC 2 - Snr mgmnt arrangements
Annotations:
- Appoint individuals responsible for 'controlled function'
- who is responsible for which
- overall responsibility on chief exec or equiv.
SYCS 3 - Systems & controls
Annotations:
- controls 'appropriate to its business', i.e. according to its nature, size, and risks
- regularly reviewed
- areas dealt with under common platform req's
SYSC 11-17 - Risk systems & controls
Annotations:
- apply to types of firms specified in each chapter
SYSC 18 - Whistleblowing
Annotations:
- Whistleblowers should be protected
- Procedure for whistleblowing to someone in the firm or to the FCA, as a req'mnt of Public Internal Disclosure Act 1998
SYCS 19A - Remuneration Code
Annotations:
- incorporated 1/1/2010
- further additions became effective 1/1/2011 in light of Capital Req's Dirtective, which brought in all authorised banks, b.socs, and CAD invtmnt firms
- must establish, implement, & maintain remuneration policies & practices that promote effective risk mgmnt
- applies to all staff who have a 'material impact' on firm's risk profile
SYSC 20 - Reverse Stress Testing
Annotations:
- only applies to PRA-authrorsed banks, b.socs, & v.large BIPRU firms
SYSC 21 - Additional Risk Controls
Annotations:
- mainly applied to banks & insurers in FTSE 100